Life insurance can serve a few purposes. It can be used to protect your mortgage should you become injured, ill, or pass away. It can be used to pay for your final burial expenses, and it can be used to help loved ones by leaving them a gift.
When someone passes away, the emotional void is not the only loss one experiences.
Often, the person who passes away also leaves their funeral and burial to be paid for. In Virginia, cremation costs between $5,000- $7,000. Burials cost between $10,000-$15,000.
With small monthly payment, you can ensure you are not leaving your funeral bill to the people you love the most.
Some life insurance policies provide living benefits. These benefits protect you should you become chronically, critically, or terminally ill. They can act to replace income and help you pay your mortgage or other bills.
Final expense products also begin accumulating a cash value as time goes by. This money can be seen as emergency cash. However, with these policies, the cash accumulation takes years.
You can provide lifetime protection to your child or grandchild. Beginning at just 14 days of age and continuing to age 17, children’s whole life policies ensure the children you love are protected.
Once you lock in the cost, the premiums will never increase and the coverage is guaranteed.
There are four main benefits to getting a life insurance policy for the children you love:
- Lock in low childhood rates that will never increase.
- Guarantee insurance coverage in adulthood regardless of future health or occupation.
- Be guaranteed the opportunity to purchase additional coverage later in life.
- Provide life insurance cash value that grows along with your child.